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论文编号：	8658
作者编号：	2120142780
上传时间：	2016/12/6 19:16:38
中文题目：	中国医药企业海外并购的研究------以复星医药并购印度Gland制药为例
英文题目：	Study on Cross-border M&A of Chinese Pharmaceutical Enterprises------Take FOSUNPHARMA as an Example
指导老师：	王全喜
中文关键字：	复星医药；海外并购；动因；控制权；比较优势
英文关键字：	FOSUN PHARMA, international merger and acquisition, motivation, control power, comparative advantage strategy
中文摘要：	近几年，国内医药行业重组并购案例数量激增。据不完全统计，2012 年，国内药企间并购次数达到230起，交易金额达283.74亿元。2013 年，并购虽然仅为约150起，但涉及交易金额超过了 350 亿元。据万得数据统计，截止到 2014 年10月30日，国内医药企业并购交易数量已达到 121 起。 伴随着经济的高速发展，中国医药市场的重要国际地位也愈发凸显，中国药品销售总额现排在美、日之后，位列世界第三位，并且有望在 2020 年超过日本，成为全球第二。巨大的市场潜力促进了国内医药行业的发展，国内医药企业纷纷开始并购活动，力求整合资源，迅速成长以期占领巨大的国内市场。 然而，国内医药企业面临的最大挑战就是数量多，规模小，与大型跨国企业相比实力悬殊。公司规模超过 500 亿的公司仅两家，市值最大的公司是云南白药，为 539.45 亿，仅为全球排名第十的企业市值的十分之一。因此，对于国内绝大部分企业来说，通过兼并行业巨鳄的方式成长几乎是不可能的。 复星医药在收购医药企业方面走在行业的前列，是国内医药企业学习并购的典范。目前，复星医药已经是一个投资涉及医药不同领域的医药综合公司。在最近正在进行的一次跨国并购印度Gland公司，带给我们一个并购全新的视角：超越区域限制，通过跨国并购的方式抢占国内和国外广阔医药市场。本文还将用到并购相关研究理论对案例进行分析比如对目标企业的并购类型，动因分析，战略分析，控制权分析，绩效评价等。 本文一共有六章，第一章为绪论，开篇阐明研究背景、研究问题、内容、意义和方法，其中还涉及到关键概念的界定；第二章为理论和文献综述，对于跨国并购的理论，跨国并购比较优势理论以及国内外学者的相关研究进行整理；第三章介绍我国医药企业跨国海外并购发展历程和原因；第四章主要研究复星医药公司基本情况和并购Gland公司分析；第五章为复星医药并购Gland案例的经验与启示；第六章为结论。
英文摘要：	In recent years, the number of merger and acquisition cases in domestic pharmaceuticals industry has proliferated. According to incomplete statistics, in 2012, merger and acquisition between domestic drug firms reached 230 with transaction amount of 28.374 billion yuan. In 2013, although only 150, but the trading amount exceed 35 billion yuan. According to the statistics of wind data, until 30th Oct. 2014, the amount has reached 121. With the rapid development of national economy, the international status of China pharmaceutical market is increasingly highlighted. The total amount of drug sales of China ranked the third in the world behind America and Japan. And it is expected to surpass Japan in 2020, as the world's second. The huge market potential stimulates the development of national pharmaceutical industry. Domestic pharmaceutical companies began to do merger and acquisition and strive to integrate resources, grow rapidly in order to occupy the huge domestic market. However, compared with large multinational companies, the domestic pharmaceutical enterprises mostly with a character of more quantities but smaller size, face the biggest challenge is strength disparity. In China, there are only two companies whose market values are both more than 50 billion. The biggest one is Yunnan Baiyao, with 53.945 billion of market value. But, its market value is only one over ten of the tenth global pharmaceutical company. Therefore, for the vast majority of domestic pharmaceutical companies, it is almost impossible to grow through the way of merge industry giants. FOSUN PHARMA walk in the forefront of the industry in terms of acquisition of pharmaceutical enterprises, is the domestic pharmaceutical enterprise learning model of mergers and acquisitions. Now, FOSUN PHARMA is a comprehensive pharmaceutical company whose investment involves different field of medicine. In a recent cross-border M & A India Gland.It brings us a fresh perspective: Beyond the regional restrictions, preempted domestic medical market by means of cross-border merger and acquisition. Besides, this paper will use related research theory to analyze this case such as the type of target enterprise merger and acquisition, motivation analysis, strategic analysis, the right of control and performance evaluation. There are 6 chapters in this paper. The first chapter is an introduction which clarifies research background, research problem, content, significance and research approaches of merger and acquisition. It also introduces some key concepts. The second chapter is the theory and literature review, the theory of cross-border merger and acquisition and researches from domestic and abroad scholars, the theory of comparative advantages of cross-border M&A. The third chapter is to introduce development history and causes of the overseas merger and acquisition of Chinese pharmaceutical enterprises. The forth chapter mainly studies the basic situation of Shanghai FOSUNPHARMA (Group) Co., Ltd and Gland Company. The fifth chapter focuses on the experience and revelation of FOSUN PHARMA Gland case. Last chapter is a conclusion.
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